In this Mortgage Minute segment, host Jeff For Local Marketing talks with mortgage professional Art about the persistent myth that buyers are on the sidelines because of high mortgage rates. Art explains that homes priced correctly, in desirable locations, and marketed well continue to sell because life events (marriage, relocation, retirement, etc.) keep demand alive and inventory remains limited. He argues the biggest mistake is buyers waiting for a perfect rate or permission, noting that certainty rarely arrives and buyers should "marry the home and date the rate." Art advises prospective buyers to begin discussions by assessing personal goals and affordability rather than focusing on the current interest rate, emphasizing the trade‑off between lifestyle expenses and wealth‑building home ownership. The conversation ends with Art sharing his contact information for viewers who want personalized guidance.
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Art, I had this strange conversation yesterday. I asked a realtor how business was going. She smiled, said, Jeff, I'm on fire. I've got 8 listings in escrow. And I have to admit, I was confused. Every headline, Art, says buyers are still on the sidelines. Mortgage rates are still elevated. So who's buying these homes?
You know, Jeff, that's actually one of the biggest misconceptions in today's housing market. People hear that sales have slowed and they assume nobody is buying. But that's simply not true.
Okay, because I'll be honest, if I wasn't talking with people in real estate every week, I'd probably think the market had stopped.
Not at all. Homes that are priced correctly, marketed well, and located in desirable neighborhoods are still selling, Jeff. You know, life still happens. People still get married, they get divorced, relocate, retire, have children, become empty nesters, move closer to family. Life doesn't wait for for mortgage rates. Another point, Jeff, is inventory is still relatively limited and good homes still attract buyers. That's just the nature of the market. And let me make one more point. Let me call it my fourth point. The biggest mistake is when buyers are waiting for the perfect rate. We see over the last 12 to maybe 18 months, the rates have been very stable And yet they're waiting for those dips that we haven't seen in years instead of saying, hey, now is a good time because of stability of the rate and the pricing.
Art, let me ask you a question. Do you think people are waiting for mortgage rates or are they waiting for permission?
Jeff, I think they're waiting for certainty. And certainty almost never arrives. You know, the people buying today understand something. They're buying a home, not a mortgage. And I've always said marry the home and date the rate.
Art, I love that. They're buying a home, not a mortgage. So if somebody watching this is thinking maybe now isn't the right time, what's the very first conversation you think they should have?
I'd say don't start by asking what's today's interest rate? Start by asking, can I accomplish my goals today? Because sometimes, the answer surprises people. Jeff, I can't tell you how many times I've had someone call me or come in my office. And after we evaluate their, you know, how much money they make and what their expenses are of what they can truly afford. And as I've said before, sometimes, we just have to decide What is more important, having a home that builds your wealth or going out to dinner 3 or 4 nights a week? Because that adds up and all of a sudden we forget that that is really part of our monthly expenses that can be put back into the wealth creation while having the stability of owning your own home.
You know, Art, what a great reminder. Not to make light of this, but it's like when someone sits down with you and analyzes the real financial data along with their goals, they often see the real possibilities. Art, as always, thank you for taking the time today to be here and address this question. If people want to get in touch with you, can you share your information and then we'll wrap up?
Absolutely, Jeff. As always, you can reach out directly to me at MortgageWorks by calling 760-969-5023. This is probably the best way. You can also email me at art@mwloan.com. Now, before I sign off, I would be remiss if I didn't mention a little sports. It's a finals in the World Cup, Argentina against Spain this Sunday, along with, of course, the Golf Open. Used to be called the British Open. Now it's just the Open. What an exciting weekend for sports. Jeff, have a great weekend. And for our viewers, thanks for tuning in and we'll see you again next week on the Mortgage Minute. So long. Take care.
